Developer Jorge Perez, whose company the Related Group was behind the
ultra-luxurious Icon Brickell condominium development, is scrambling to
cope with $1 billion in losses and service $2 billion in debt at Related amid the
collapse of the South Florida real estate market. Perez, who co-founded Related with New Yorker Stephen Ross, has also been a fixture on the Forbes List of the 400 Richest Americans for the last three years. But, last month, he
told the magazine they’d have to look elsewhere for their profiles of
the prosperous. Perez vows he’ll rebound from the crisis.
Perez struggles for survival amid crash
March 02, 2009 11:01AM
March 06, 2009 at 11:42 pm, Anonymous said:
Truth be told-Perez ruined the entire face of the Miami syline,the views of the Bay and made our downtown look like Sec. 8 housing. The Icon Brickell will be the Bronx soon and for what? There are no real buyers for any of the units- It was just investors conned into buying and now have no one to purchase these awful built buildings. He should lose his ass and rightfully so. The nerve to think he could build Rome and not think it would fall. It has and he should go down with it. No bailout for George as he ruined Miami as his greed for $$$$ and power ruled him.
March 07, 2009 at 10:50 am, Anonymous said:
Jorge Perez is the best Developer ever had
Miami, Hi help to grow better Miami to be one
of the best city in USA .-Thanks Mr Perez
JHM.
March 09, 2009 at 11:50 am, Anonymous said:
I’ve read Gorge Perez’ book. For the person in comment #1: What have you done with your life? Perez came up from nothing. He built a successful company providing people affordable apartments. When the market took off, he assumed a RATIONAL real estate market with some speculation. During the time he was building these buildings, everyone was operating under the assumption that a sudden influx of South American and Venezuelan immigrants was creating a need for all types of housing. Therefore, everyone assumed the demand for housing justified the increase in construction and pricing. He was working under those assumptions as well. His developments are well organized, well laid out, and raise the quality of the neighborhoods where they are situated. Author of comment #1: What have you done for your community and those around you? I hope he can survive this extremely difficult time. (I’m not associated with him or his company in any way. I have no investment affiliations with Related Group or any of their projects.)